GREY:WFEMF - Post by User
Post by
74volframon Jun 02, 2015 3:03am
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Post# 23787565
going through the numbers
going through the numbersFrom a quick look at the latest financial information (using round numbers):
Over the period July 2014 - March 2015:
- Cash into company (initial cash + bridge loan) = 3000k
- Exploration and evaluation expenses = 1900k
- Management and office expenses = 800k (excluding payments in shares and including 400k of not better defined "professional services")
- Remaining cash, receivables and pre-paids = 300k
- Company burn rate = 150k/month
This implies company had about 2 months left (to end of May 2015). There were people at work on site through May.
Going forward.
- All planned and supplementary drill work should now be completed (including more HW drillings in 2015)
- Final Feasibility already completed in January
- Bridge loan granted to the company by its major shareholder in February specifically to complete drill works and negotiate financing.
Given the above, there should be no reason to hold off on financing at this point, except consideration of tungsten price, which is still quite low ($220/mtu APT). Dundee has the option to go ahead with financing now or buy some time with another bridge loan waiting for Tungsten to rebound and maybe get a better deal from IMC. There is not much time before the July due date on the IMC loan. BTW I agree with Tech One that so far IMC has played their cards really well.